UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on A.M. Castle & Co.

In a report published Friday, Jefferies & Company reiterated its Buy rating on A.M. Castle & Co. (NYSE: CAS), and raised its price target from $15.00 to $20.00.

Jefferies noted, “Following the announcement of CAS' restructuring plan, we have increased our TP on what we believe are defensible/conservative estimates of CAS' earnings once initiatives are implemented. While mindful valuations have expanded dramatically into the announcement, the magnitude of potential earnings/price upside if its plan is even partially successful keeps us interested in the shares at current levels.”

A.M. Castle & Co. closed on Thursday at $15.99.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.